BOE’s Pill: We held rates because economic restraint needs to be maintained

• Hold decision reflected view some restrain on economy needed to be maintained
• There is still a need to bear down on inflation
• Balance of economic drivers has switched to supply side
• We can be less sanguine about idea of slowing demand will lead to inflation returning to market
• We have not really entertained the idea of cutting rates

I find it strange that a central bank would have a ‘chief economist’. Aren’t they all economists? And if so, isn’t the chief the governor?

In any case, you can see some dovish commentary start to creep into central bank comments. They’re all feeling fairly good about where inflation is headed.